Session 7_Random Variable-Exp. & Var.pptx

Session 7_Random Variable-Exp. & Var.pptx - RANDOM...

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RANDOM VARIABLE & PRABABILITY DISTRIBUTION Expected Value and Variance of a R.V. Discrete and Continuous Prob. Dist.
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PROBABILITY Chance behavior is unpredictable in the short run, but has a regular and predictable pattern in the long run. The probability of any outcome of a random phenomenon is the proportion of times the outcome would occur in a very long series of repetitions. Sample Space - the set of all possible outcomes of a random phenomenon Event - any set of outcomes of interest Probability of an event - the relative frequency of this set of outcomes over an infinite number of trials P(A) is the probability of event A
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A random variable is a variable whose value is a numerical outcome of a random phenomenon Usually denoted by X, Y or Z. Can be Discrete - a random variable that has finite or countable infinite possible values Example: Let x = number of TVs sold at the store in one day, where x can take on 5 values (0, 1, 2, 3, 4) Let x = number of customers arriving in one day, where x can take on the values 0, 1, 2, . . .
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